Research On The Influence Of Financial Flexibility Of Enterprises With Different Property Rights On Cash Dividend Payment

Combining the marginal value and the stock,this paper takes the financial flexibility as the entry point,and do the empirical research on the enterprise property and the cash dividend payment.Based on the data of China's A-share listed companies from 2009 to 2017,the fixed effect model was selected to analyze the data of different groups after various tests.The empirical study found that the state-owned holding listed enterprises accumulated more financial flexibility.Besides,it is found that the marginal value of financial flexibility of private listed enterprises is greater than that of state-owned listed enterprises,which indicates that the value of financial flexibility of private listed enterprises is greater than that of state-owned listed enterprises,and it is relatively difficult for private listed enterprises to accumulate financial flexibility.According to the data of the market,it is found that the enterprise property can have a significant impact on cash dividend payment,and the level and willingness of cash dividend payment of state-owned listed enterprises are low.Unlike previous research,through the test,this paper uses the bidirectional fixed effect rather than the mixed model of different groups of enterprise property data for further analysis,do allow different enterprises have different intercept.This paper found that the financial flexibility of different enterprise property groups both generate positive influence on cash dividend payments,and private listed companies' financial flexibility have relatively stronger power to influence cash dividend payments level and will.The reason for this result is that private listed enterprises pay more attention to the information transmission efficiency advantage brought by cash dividends,and urgently need to spread good operating status,improving the corporate reputation.In conclusion,the accumulation of financial flexibility of private listed enterprises is difficult.However,the emphasis on cash dividend payment leads to the relatively faster consumption of financial flexibility than that of state-owned listed enterprises.To relieve the pressure,the corresponding suggestions are put forward.